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CORONAVIRUS UPDATE

See the latest Coronavirus statistics from across the world on our world map SEE MAP UK Confirmed cases: 38,168 | UK Deaths: 3,605 | UK Recovered: 135 SEE MAP Italy Confirmed cases: 119,827 | Italy Deaths: 14,681 | Italy Recovered: 19,758 SEE MAP Spain Confirmed cases: 119,199 | Spain Deaths: 11,198 | Spain Recovered: 30,513 SEE MAP See the latest Coronavirus statistics from across the world on our world map SEE MAP UK Confirmed cases: 38,168 | UK Deaths: 3,605 | UK Recovered: 135 SEE MAP Italy Confirmed cases: 119,827 | Italy Deaths: 14,681 | Italy Recovered: 19,758 SEE MAP Spain Confirmed cases: 119,199 | Spain Deaths: 11,198 | Spain Recovered: 30,513 SEE MAP

TODAY'S OTHER NEWS

Principality Building Society reduces buy-to-let rates

Principality Building Society has unveiled a number of rate reductions to mortgage products within its buy-to-let range.

Buy-to-let rates have been trimmed by as much as 0.15% in a bid to entice more BTL landlords. 

The lender has cut rates on the 70%  loan-to-value (LTV) five-year fix from 2.49% to 2.37%, while the 75% LTV five-year fix rates have been dropped to 2.42%, from 2.55%. 

Both products are offered with no fees, while legal costs are fee-free for remortgages.

The lender accepts up to three buy-to-let applications per customer and it will also accept first-time landlords and mortgage applications for new build homes. 

Naveed Mohamed, head of products at Principality Building Society, commented: “We have improved the pricing on our buy to let range to ensure that our products meet the needs of our clients.

“Our flexible approach will also consider BTL applications for new build properties, which is a growing market.”

Poll: Do you think the cost of fixed rate buy-to-let mortgages will fall in the coming weeks and months now the Conservatives have been elected?

PLACE YOUR VOTE BELOW

  • Paul Barrett

    Seems lenders are increasingly desperate to lend the buckets of money they have.
    Trouble is LL don't want to know.
    Remortgaging is the only game in town.
    LL are selling up!
    All lenders can do is to try and nick eachothers business.
    Essentially the market is in terminal decline.
    Perhaps these lenders should start offering 100% LTV mortgages for FTB and existing tenants.
    After all apparently a resi homebuyer with no deposit is deemed to be far less risky than a LL on 75% LTV.
    Well according to the PRA anyway!!
    LL are consolidating wanting long term deals.
    None of these stupid teaser rates.
    Lower rates are needed for 10 year deals.
    BTL is a dying business.
    It makes no business sense being a leveraged LL and that is before all the other recent reasons not to be a LL.
    The sooner more LL leave the sector the better.
    This will eventually present with increasing homelessness such that eventually this stupid Govt will realise the error of it's ways and abolish S24 and the SDLT surcharge and definitely bring in a fast track eviction process for rent defaulters.
    Try the Australian method.
    14 days of rent default and the tenant is removed by Police
    Remarkably few Oz tenants default on their rent...............funny that!!!
    Those that do are invariably gone by the 13th day of rent default............funny that!!!

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